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Posted: Mon Feb 21, 2011 10:05 am Post subject: FHA or 10% downpayment?

Hi Everyone,

I currently rent in the O.C. and i wanted to buy a house soon. I was wondering if its better to go with a FHA loan vs. putting 10% down on a house? Is there a big difference in the costs, etc...?

We are looking for a 3/4 bed and 2 bath.

Also, whats a better area to look for a house in? Brea, or Huntington Beach?

Thanks.

tfaulhaber1 · Posted: Mon Feb 21, 2011 11:16 am Post subject:

It depends on your credit scores and what you're total monthly payment will be. The major difference is FHA requires Up Front Mortgage Insurance Premium (which is added to the loan amount). It's equal to 1% of the loan amount. Besides that, you're ultimately going to go with the cheaper monthly payment. In regards to the area, you're the only one that can answer that question.

brian1 · Posted: Mon Feb 21, 2011 5:42 pm Post subject:

costs will be about the same
FHA allows lower credit scores without adjustment to rate
If you want to put less down FHA is a good way to go
If you can afford a 15 year note FHA with 10% down has a very low MI (currently zero but will be .25% april 1)
B

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FHA or 10% downpayment?

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